Cofounder @HoneyB_BTC | Former Optimism Grants Council | CMU Robotics '17
Joined April 2013
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Super excited to share what I've been working on over the last year... introducing HoneyB!
Bitcoin yield today is dominated by unsustainable, unscalable, and volatile strategies.
HoneyB will change that, giving institutions with BTC the ability to seamlessly access traditional income strategies that don't compress with scale. And the best part is that they'll be able to access directly through their custodian.
I can't wait to share more about what we've cooked up, lot's of good stuff coming... 👀
Jason isn’t wrong… as AI increases labor productivity, productive capital becomes more valuable. Non-productive assets don’t get this benefit.
We are building @HoneyB_BTC to turn Bitcoin into a productive asset.
A brutal year for Bitcoin is just getting started.
Give me three minutes to explain why you should dump it now.
Outflows from ETFs are signal and will continue.
We will test the 57k low again in the next 12 months.
Why?
Because there are far too many dynamic places to put your money that are creating MUCH more value.
Why put your resources into a dead network that offers nothing beyond a store of value?
What's the point of place the BTC be if Bitcoin's Ponzi-scheme nature has gone away!?!
The viral nature of bitcoin was it's power... if you didn't own you were MOCKED!
Now? Completely reasonable, heck, SMARTER, to ignore bitcoin and place other bets!
No one is trying to convince people to buy Bitcoin anymore... the memes and NFTs are gone.
No one is saying $ BTC can change the world, because it won't — and BECAUSE AI HAS!
Just sell and shift from Bitcoin to Super Intelligence because one provides little to no value, and the other provides unlimited upside for humanity.
This should be obvious to everyone right now.
Bitcoin will never break its all-time high again.
OP Michael retweeted
We’re excited to share that we have raised $5M, led by Portal Ventures and Peer Ventures to help build The Income Orchestration Layer for Bitcoin.
@Anchorage @PortalVentures @loancyborg
My alma mater moving to my home city. And it’s the exact thing that Miami needed to become an elite city. So stoked!
Hedge-fund titan Ken Griffin is donating $2 billion to start a Carnegie Mellon University campus in Miami, part of the largest-ever individual gift toward higher education on.wsj.com/4AGpvMq
Great thing about the Trueo team is that even when the industry got quiet over the last year or so they have continued to innovate and push first-of-its kind prediction market features.
Bullish this move and I'm excited to see what True cooks in up the future!
OP Michael retweeted
Some big news, Trueo will be deploying to Ethereum!
The rationale for this decision is outlined in the article below, but here’s the TLDR:
The combination of low execution costs on Ethereum, it’s unparalleled network effects and liquidity, and it’s long term positioning make it the most attractive place for us to build.
Trueo’s priorities are to grow liquidity, reduce trust assumptions for the protocol, increase the App’s adoption, and build for the future.
We believe Ethereum mainnet is the best platform in the world to support that vision and to develop a long term brand.
Eth’s neutral and predictable roadmap reduces external execution risk for our App, its global distribution as a platform gives us unbounded integration potential, and its ethos is aligned with that of ours.
Ironically though, despite Ethereum’s diverse DeFi ecosystem, the prediction market landscape is less crowded than other chains.
This presents an opportunity for Trueo to establish a presence in the largest onchain economy in the world.
For Trueo users on Base, this new development will not impact or disrupt the App.
The TRUE token will migrate to mainnet, but the migration will be open ended. Users will be able to migrate at their own pace.
Users can still create markets that expire in 2026, and all existing markets will be supported until their respective expiries.
But for new market ideas that need to expire in 2027, we ask users to wait until our Ethereum instance is live to create them.
The full details of what the migration entails for users and token holders can be found in the article.
Long live Trueo. Long Live Ethereum ✌️
Very cool put this still only has a fraction of the data needed for a foundational robotics model.
@grok how many hours of video data does Tesla have?
Much more data is required for these things, and humanoids have many more degrees of freedom and diversity of tasks
So cool to see a new mechanism in the prediction market space for constant liquidity and better bootstrapping.
Parimutuel pools have been one of the key solutions to consistent liquidity but suffer from a problem; later entrants to the pool have better information.
@meleemarkets' mechanism balances that by essentially sharing some market-maker-style fees with the early entrants. Basically:
Early capital:
*Directional bet
*MM rewards
*Higher risk of dilution
Late capital:
*Directional bet
*Less MM rewards
*Less dilution risk
Your profit depends not just on having a good idea of the true odds, but also on understanding how odds will move over time.
Can't wait to try it out
OP Michael retweeted
what's the best organization in Venezuela accepting stablecoins to help with earthquake recovery?
Here is your periodic reminder that no, not every Latin American country is desperate to switch their local currency for USD
If we want the people of these countries to use crypto apps, they need to be able to do it with their own local stablecoins
And the exchanges that provide this liquidity will be the ones earning fees on utility (Forex), not speculation.
@haydenzadams @wagmiAlexander @smykjain
OP Michael retweeted
Thank you to all my colleagues who served in Optimism Governance. It was a pleasure working alongside you and I wish you an amazing future because you deserve it.
Every conversation, every call, every forum post, every piece of feedback and discussion was an opportunity to learn. Thank you for everything.
@GonnaEth @lalalavendr @JonasSFT @unclear_ed @0xPumbi @alexsotodigital @0xyNaMu @KatiegarciaEth @ImperiumPaper @LefterisJP @griffgreen @opmichael_eth @Reformed_Normie @sovereignsignal @mastermojo83 @PGovTeam @jack_anorak @Curia_gov and many others ❤️
Seems like L2 innovations have been quiet recently but Optimism just dropped this banger.
Staking $OP gives you a multiplier on your priority fee that you are paying for ordering.
Will be a must-do for arbitrageurs and market makers that want to remain competitive
> prediction markets provide binary outcomes that act as better hedging tools, especially when you compare it to existing instruments
Not only do they provide better hedging tools, they are much “cleaner” options for retail traders wanting to make predictions on companies vs something like trading earnings.
Many times companies will beat forecasts on the raw EPS number but stock price go down from other factors. Very hard for retail. Company-specific bets are easier.
Few days ago, was speaking with a former colleague at a hedge fund that has been working on deploying prediction markets as a part of their trading strategy
Summary of our conversation and why he thinks prediction markets will absolutely become a core pillar of every macro hedge fund in the future
> prediction markets provide binary outcomes that act as better hedging tools, especially when you compare it to existing instruments
> the biggest problem with putting on hedges with options or swaps is that it is almost impossible to tell what exactly has been priced in by the market already
> for example, if you wanted to be short SOFR rates going into a CPI print, you can be absolutely right on the outcome but still get killed by volatility if your view was right, but already priced in
> prediction markets are binary in the sense that there is no volatility drag on your returns. you know exactly what is priced into the trade already. When you buy lower SOFR rates by X date at 80% probability, you know what you are paying for. Reducing uncertainty like that is worth millions for his fund
> cleaner outcomes is probably the biggest thing driving adoption of prediction markets at the institutional level. historically his fund might express views on a Fed rate cut with rate or FX exposure. But reality is that those instruments tend to move on a variety of factors. A random tweet from our President can send rates or stock prices flying nowadays. In a market like that, isolating outcomes is huge. When you express that same view on prediction markets by buying “Yes” on Fed rate cuts, your economics is based on that decision alone, and not the 20 other things impacting prices
> there is still a massive arbitrage left between traditional options markets and prediction markets today. The same view priced at 5% on Kalshi might be priced like a 15% probability event in the options market. Going long and short to capture arbitrage between traditional markets and prediction markets is incredibly profitable right now. He expects this gap to close as more sophisticated investors enter the field
OP Michael retweeted
A European exchange with 7M users just launched their own chain on the OP Stack. @Bitpanda's Vision Chain. Built for institutional finance from the ground up.
OP Michael retweeted
I was part of the Optimism Governance and Collective from day one. I was on the Grants Council for multiple seasons, the Superchain Grants Council, a Badgeholder for Retroactive Public Goods Funding and started the Community Calls.
I'm disappointed in the way things have turned out, but it’s easy to forget the way Optimism started. Back in 2022 Optimism was solving a real problem: high gas fees and slow transactions on Ethereum mainnet. It sounds crazy now, but there was a time when transactions could cost hundreds of dollars and not even go through on Ethereum. OP came along and solved this.
Along with solving a real problem in the space, their governance model was novel and innovative. Everything was a DAO in 2022 and Optimism experimented with different ideas and models. Every season of governance was unique and based on what had or hadn't worked the previous season. There was even an airdrop based on governance participation.
Then came the Superchain. It wasn’t clear to me that there was a demand for that many new chains, and the Superchain never made sense without interoperability among the chains, but that was coming soon™. I was on the Superchain Grants Council which entailed giving away millions to teams that were building on the OP stack. Without interoperability the chains were just cannibalizing each other and the ROI for the grants and the overall revenue model was unclear. I lost faith in the vision at that point and took a step back when the season was over.
Looking back, it all seems obvious in hindsight, but Optimism has always been an experiment. The Superchain was an experiment that didn’t work out. However, it’s also a reflection of the evolution of the space overall: governance is dead and everything is about institutions.
My time at Optimism was filled with things that were absolutely insane, and also things that were absolutely amazing. The best part was the community and all of the people involved. I had the opportunity to work with the best and brightest in the space:
@ImperiumPaper @jack_anorak @wagmiAlexander @mastermojo83 @MattLGov @brichis_ @LefterisJP @griffgreen @GonnaEth @opmichael_eth @lalalavendr
Optimism had the the most talented and engaged community I've ever seen and I'm so grateful for the opportunity to work with this badass group over the years.
Base leaving the Superchain marks the end of one chapter for Optimism but also the beginning of something new. The team behind Optimism is phenomenal and I’m excited to see what’s next. Onwards!
I’ve been thinking about it for a while but I guess it’s finally time to try out a crypto card 🔴✨
1/ Today, we announce our plan to move to @Optimism's OP Mainnet
70,000+ active cards, 300,000+ accounts, and $160M+ in TVL will migrate to the Superchain in the coming months, marking a long-term partnership to accelerate global onchain payments.
Learn more below ↓